Source: Sabi Gold Mine exits judicial management – herald
Tapiwanashe Mangwiro
Sabi Gold Mine, a unit of Zimbabwe Mining Development Corporation, has exited judicial management, having more than doubled its annual gold production, in a demonstration of the success of strategic interventions to improve its fortunes.
Sabi Gold Mine was placed under judicial management in 2014 after creditors approved the process to rescue it from the chokehold of its financial constraints.
After nearly folding, the mine is now averaging 448 kilogrammes of gold annually, a turnaround ZMDC general manager, Mr Blessed Chitambira, described as a landmark for the company and mining sector at large.
“The corporation . . . successfully removed Sabi Gold Mine from Judicial Management, and the mine has doubled its production to 448kg of gold per annum, which is a significant achievement from where the company almost folded,” Mr Chitambira stated.
The turnaround is the result of several strategic interventions by ZMDC, which is aggressively driving growth across its portfolio as part of its contribution towards achieving the national vision of an upper-middle-income economy by 2030.
Gold mines and projects that fall under the ZMDC include Sabi Gold Mine (Zvishavane), Jena Gold Mines (Silobela), Elvington Gold Mine (Chegutu), and Golden Kopje (Chinhoyi).
Sabi’s Mine’s exit from judicial management marks the culmination of a carefully executed recovery plan. Judicial management, a court-supervised process akin to business rescue, is typically a last resort measure for financially distressed companies.
Its emergence from this recuperative process, coupled with the production surge, restores operational viability, financial stability, and enhances investor confidence.
The mine is now positioned as a stable, high-yield asset, directly contributing to job security and local economic development in the area.
Sabi Mine’s success is not an isolated incident but part of a broader, aggressive expansion and revitalisation strategy being implemented by ZMDC across its expansive asset portfolio, which includes copper, diamond, emerald, asbestos and lithium.
Mr Chitambira cited other key projects expected to amplify the corporation’s contribution to the economy.
ZMDC expects to soon reopen Golden Kopje Mine in Chinhoyi, a project it actively pushed in 2025. The mine is projected to increase the corporation’s gold output by approximately 200kg, providing another substantial revenue stream.
Beyond gold, ZMDC is also breathing new life into the nation’s base metal sector.
The long-dormant Sanyati Copper Mines have undergone promising exploration work through a strategic partnership. Mr Chitambira revealed, “The results have been pleasing so far, which will see the Copper giant rising again as production is expected to commence in the first quarter of 2027.”
The revival of copper mining is poised to diversify ZMDC’s mineral portfolio and reduce Zimbabwe’s reliance on imports for the critical industrial metal.
These successes of ZMDC turnaround programmes mark a turning point since its removal from Western sanctions last year. This has unlocked previously inaccessible global markets, facilitating potential new partnerships, investment inflows, and technology transfer.
“The corporation has endeavoured to achieve the nation’s vision despite the harsh effects of the illegal sanctions and the future is looking bright as we leave no one and no place behind,” Mr Chitambira affirmed, echoing the national development philosophy.
The remarkable turnaround of Sabi Gold Mine, from a precarious position to stellar production, represents the most compelling evidence of ZMDC’s renewed vigour.
It demonstrates a potent capacity to not only rescue and optimise existing assets but also strategically develop new ones, solidifying its indispensable role as a key driver of Zimbabwe’s economic prosperity. As these projects continue to bear fruit, ZMDC is firmly re-establishing itself as the cornerstone of a thriving and sustainable mining industry.
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